Austerity measures hit Greek revenues

Athens: Greece’s austerity measures are hurting revenues and hindering deficit-cutting efforts while more jobs are lost, fresh data showed yesterday.

“Our road is long and none of us are allowed to relax,” Prime Minister George Papandreou said.

Eight months into the year, budget revenues are growing at a snail’s pace of 3.3% compared to a targeted 13.7% annual clip, despite a series of tax increases that included a rise in the VAT rate to 23%.

As a result, the budget deficit of the country’s central government shrank at an annual 32.2% pace to €14.49 billion, less than the 39.5% rate of reduction targeted for 2010 as a whole.


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